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I assume you mean an existing site.
I'm not sure what the law is on the subject. If I were buying a business, and some sites are set up that way, I would want a clearly written document stating that I was not responsible for any debts or liabilities incurred before the date of purchase.
Domain names may be treated like any other business asset. IE: there is no inherent liability in buying a car from an existing business as long as you get a clear title to it.
I hope I helped a little anyway.
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